Home insurance cover note

You can't get cover note insurance for your house anymore but there's a decent alternative: cooling-off periods.

Peta Taylor's headshot

By

Peta Taylor

Updated

Fact checked

Start comparing

Key takeaways

  • A home insurance cover note was once used to provide people with temporary insurance, but they're not available anymore.
  • As an alternative, insurers now offer cooling-off periods. This lets you cancel your policy before a certain date without being charged.
  • Unlike a cover note, you will have to pay for the policy first and be refunded later.

How a cooling off period can replace a cover note

A cover note used to allow you to get temporary home insurance without having to pay for the full amount of the policy. Once that time was up, you could choose to properly insure your home with an actual policy or let the cover note just run out. Unfortunately, insurers no longer offer cover notes.

Now, if you want temporary cover, you'll have to purchase the policy and then remember to cancel before the cooling period time is up. To avoid paying the full premium upfront, you could opt to pay monthly instead and then you'd only have to part with 1/12th of the policy cost.

What is a cooling off period?

A cooling off period is an amount of time where you can cancel your insurance policy and get a full refund, provided you haven't made a claim.

All home insurers offer a cooling off period but the time on offer from each does vary. Here's the cooling off periods for some popular home insurance companies. Keep in mind that if you make a claim on your home insurance during this time then you won't be entitled to a refund.

ProviderCooling-off period
aami logo21 days
NRMA Logo21 days
Allianz Life Insurance Logo14 days
21 days
Youi logo
20 days

This information is accurate as of September 2024.

FAQs

Peta Taylor's headshot
Written by

Publisher of Insurance

Peta Taylor is a publisher at Finder, working across all of insurance. She's been analysing product disclosure statements and publishing articles for over 2 years. Peta is passionate about demystifying complex insurance products to help users make well educated decisions with confidence. Peta is part of Finder's insurance awards team and works alongside editorial and insights experts to bring users the best insurance products every year. See full bio

More resources on Finder

Ask a question

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms Of Service and Finder Group Privacy & Cookies Policy.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

2 Responses

    Default Gravatar
    AdrianSeptember 9, 2019

    What is the approx cost on insurance cover note of house value $840k over 2 days?

      Default GravatarFinder
      JeniSeptember 10, 2019Finder

      Hi Adrian,

      Thank you for getting in touch with Finder.

      Please note that cover notes are no longer offered in Australia. Please speak to your chosen insurer about getting home and contents insurance if you’re going on a holiday as they may offer a policy that will suit your needs with cooling off period which is usually for 21 days.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

More guides on Finder

  • Shed insurance

    Shed insurance can cover sheds of all shapes and sizes, as well as their often-valuable contents.
  • How useful is a home insurance calculator?

    A home insurance calculator can give you a rough estimate on the value of your home and contents. But is that what you really want? Find out how to not underinsure or overinsure your home.
  • Does home insurance cover asbestos?

    Is asbestos removal covered by home insurance? This, and more important questions, answered right here.
  • Home insurance for water damage

    Find out how home insurance can cover water damage and how to avoid some of the pitfalls. 
  • How to cancel your home insurance

    Cancelling your home insurance is actually quite simple and you can do it at any time.

  • Home insurance for an unoccupied home

    It’s possible to get home insurance for an unoccupied home, you just have to let your insurer know.
  • Motor burnout insurance

    Motor burnout covers those big appliances in your home in the event that they let you down. This article will show you what it is, why it's important and how much it can cost you.
  • Phone insurance – all you need to know

    With a variety of insurance options to protect your mobile phone, here's what you need to know.
  • Renters insurance

    Find out what renter's insurance is, what it covers and how to find the right policy for your needs.
  • Best home insurance Australia

    What you need to know about finding the best home insurance for you. Compare policies and learn what questions to ask when researching insurance policies.

Go to site